Merchant Accounts for Fantasy Football Betting
Fantasy football has bloomed continuously since it originated in the 1990s. According to the Fantasy Sports Trade Association, more than 44 million fantasy sports players came into the market between 2003 and 2017. In 2017, there was an estimated 59.3 million players.
Despite its admiration and its money-making capacity, most traditional financial institutions would instead pass and then go in and hoist the shade that comes with sanctioning a fantasy football betting merchant account. The industry’s background and history and immoderate chargeback ratios keep banks from sanctioning fantasy sports betting high-risk merchant accounts.
Merchant accounts for all fantasy sports bettingFantasy football, which in cooperates both professional and college games, is the most famous type of virtual sports betting. Comprising fantasy football betting merchant accounts, Merchant Stronghold sanction accounts other these other fantasy sports as well like:
- Baseball
- Basketball
- Hock
- Soccer
Most crucially, Merchant Stronghold works with fresh and live-in businesses, merchants that have refused or discontinued by other credit processors, inclusive with bad credit, no credit, or a history of excessive chargebacks. Merchant Stronghold wants businesses to flourish. This takes place with Merchant Stronghold’s commitment to customer service.
What’s needed to get a fantasy football betting merchant account?
To get a fantasy football betting merchant account, businesses must start by filling out the Merchant Stronghold easy online application. After volunteering the application, merchants will have to give the respecting items to underwriters for review:
- An authentic, government-issued ID, driver’s license
- A voided check
- 3 months of current bank statements
- 3 months of the most recent processing statements, if applicable
- A secure, fully-operational website with trusted privacy and refund policies
- Chargeback ratios must be under 2%
Merchant Stronghold cannot guarantee approval, but it does promise applicants a quick, fair, and secure process. At Merchant Stronghold, the staff is devoted to assisting their customers to work and flourish in their businesses. Go for it today and get sanction as little as 24 hours and start processing credit card payments.
What to expect during an underwriter’s merchant account review
The eventual key to grabbing a fantasy sports betting high-risk merchant account is for a business to be made go a law-abiding, trustworthy, well-thought company. Controversially business dealings, an unsound business model, and a past mixed with so many chargebacks will affect any merchant’s chances of grabbing an account.
During their evaluation, underwriters decide on risk. At last, they want to know that merchants have a great business model that will not result in a high volume of chargebacks and repay that, at last, become the leader of processors.
Factors that decide a business’ risk include:
A history of high chargeback ratios
- Bank statements
- Unpaid bills and late payments
- Credit scores
- Credit card processing history
- Negative bank account balances
Other things that assist in cooperating with having a principal in the business with a good credit history go for the account. Merchants should also reward any outstanding debts, and have little money in the bank before an underwriter’s estimation. The time prior to analysis is when businesses need to take care of anything doubtful.
Law states: fantasy sports take skills, and that’s a good thing for merchants
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The Unlawful Internet Gambling Enforcement Act of 2016 is a federal law that focuses on prohibited games of chance, like online poker. Even so people generally no longer have money betting on virtual teams, fantasy sports were out of the law because it was a game of art apart from a game of chance.
Fantasy sports avoided the law because betting on virtual football and other sports needs gamblers to know about players’ presentations. The law’s primary work is to prevent a person or entity from “knowingly” accepting money liked by a person indulging in illegal online gambling. Generally, this means gaming merchants can’t lawfully accept wire transfers.
Don’t hate the player, hate the game – Why banks don’t want the risk
Processors are borrowing on a good deal of trouble when they resolve to accept a fantasy football betting merchant account. It generally comes down to three risks: financial, reputational, and regulatory risks.
The government’s rules on fantasy sports and gaming are very strict. Though merchants are totally in charge of running legal businesses, processors share some of the responsible things if they are avoiding the laws. This is another reason why these businesses are considered high risk.
Finally, credit card processors need banks to promote them. Banks are very preservative of their reputations, so they don’t want anything to put them in a bad light. Though for the general part, the public has welcomed gambling and fantasy sports, banks remain very careful.
Fantasy football betting categories
Numerical Standard Industrial Classification (SIC) codes are allotted to all businesses, including fantasy football betting merchants, by the United States and let out to countries all across the world. These codes recognize the basic motive of these businesses.
Sports betting, fantasy football, and gaming use a huge variety of SIC codes, including:
- 799913: Sports Forecasting and Lottery Services
- 7997: Membership Sports and Recreation Clubs
- 7999: Amusement and Recreation
- 79991301: Bookmakers
- 79991302: Sports Forecasting Establishment
Federal statistical agencies assort establishments, which are generally made to gather, analyze, and issue statistical information about the same types of businesses, using a list of six-digit numerical codes commonly known as the Northern American Classification System (NAICS). The data collected is generally used to decide the way the businesses impact the U.S. economy
- Usually, fantasy sports and gaming-related merchants use one of these codes:
- 561410: Gaming and Fantasy Sports
- 13290: Other Sports Forecasting Industries
- 713990: All Other Amusement and Recreation
- 518210: Data Processing and Related Services
- 611620: Sports and Recreation Instruction
Visit the United States Census Bureau’s Northern American Classification System to view the entire NAICS code list.
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Sports Betting Advice Merchant Accounts
Get your all information regarding merchant service providers for sports betting sites? Select Merchant Stronghold as your sports betting advice merchant account provider. We can help get your merchant account set up in as little as 24-48 hours.
Our application process is quick and easy.
A good business providing amazing direction can become known quickly as more gamblers generate more traffic for your website. A merchant account to process electronic payments is an essential aspect of any sports betting Advice Company. Yet, as all gambling-affiliated services are, banks and traditional merchant service providers will stay at arm’s length from a high-risk attempt such as sports betting advice.
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